Headknocker
Randy is right in that as the luff rope shrinks, you will have a hard time getting the sail up to the top of the mast, which obviously results in the boom being lower since the sail is not all the way up-and his fix is correct.
The sail looks about 4-6" below the top-this could be either that the sail is just a tad short on the luff, or that the luff rope has shrunk..
For you, the issue appears simply that the leech is too long (for the cut length of the luff).
Another possibility is that you have too much aft rake. If you check the rake and find the mast has more than about 8" of aft rake, ease the backstay and take up on the headstay the same amount-this will pull the top of the mast forward, which in turn will pull the end of the boom up the same amount. I would check the rake anyway just to be sure-but from the pic it looks like the mast is pretty straight-it does need about 6-8" of aft rake for optimal all-around performance-too much aft rake will manifest in higher pointing and upwind speed-especially in light air, while too little rake will improve offwind performance at the expense of upwind performance..
If you have too much aft rake, you are likely seeing excessive weather helm when the breeze is up-too little and the boat will have some lee helm in the light-medium conditions.
But, it looks like the rake is pretty close, SO.........
If the sail is otherwise in decent shape you definitely CAN have the clew raised (sorry, Jack). Technically he is right in that it is not "adjustable", but a recut is easy..You can go 6-8" without major surgery on the clew patch, and this should be enough. But if you had to go more than that, all that needs to be done is a new clew patch sewn onto the clew area.
The cost should be about $100 to go 6-8", maybe $150-200 if the patch needs to be rebuilt.
What we do is remove the tack ring, and using a long batten re-draw the foot curve, and cut away the sail below the new curve (if it is just a couple of inches the new curve can begin midway down the foot and they can leave the tack alone). Then re-finish the foot rope and slam new rings in the corners and you are off to the races!
A cheap fix would be to add a flattening reef ring about 6" up-the patch looks plenty beefy for that. Leave your #1 reef line rigged through this, and when you want the boom up, just grind this baby reef in (you don't need to do anything at the tack)...Some folks leave the flattening reef in while sailing uphill, and when the sail is eased out for reaching and running (and you don't expect to gybe much), ease the flattener off...This should be a min charge and take about 20 minutes...
Hope this is clear-you DO have options-
Cheers,
S